Back to the restaurant industry idea:
I recently wrote a paper on the restaurant industry. I did some searches and discovered an excellent point. Baby boomers might be the key to a turn around in the restaurant industry. Everyone knows that opening a restaurant is one of the most risky entreprenuership ventures you can dare to try. I'm not sure on the exact statistic, but I want to say that between 80%-95% of restaurants fail in their first year. It's been this way for years. I think this is going to change within the next ten years and heres why... baby boomers are retiring. Today in class we studied different generations and how to market to them. We learned about the baby boomers - the generation that is dying to spending money and willing to pay for high quality. Senior citizens are already well known for being the best restaurant customers, but when you throw in the generation boomer factor, they become ideal customers for upscale restaurants. This customer group will continue to grow as the boomers retire and begin spending the big bucks to eat out. They care about quality and they are willing to pay A LOT for it. If the restaurant industry can learn to cater to this new target audience (retired baby boomers) I think the restaurant industry could experience a drastic turn around.